Section 157, The Companies Act, 2009

(1) Every debenture covered by a debenture trust deedshall state, either in the body or in a note forming part of the same document or endorsed on it– (a) the matters required to be stated in a debenture trust deed by paragraphs (a), (b), (f), (h), (i), (j), (l) and (m) of subsection (1) of 156. ; (b) whether the trustee of the covering debenture trust deed holds the mortgages, charges and securities vested in him by the trust deed in trust for the debenture holders equally, or in trust for some only of the debenture holders, and if so, which debenture holders; and (c) whether the debenture is secured by a general floating charge vested in the trustee of the covering debenture trust deed or in the debenture holders. (2) A debenture issued by a company shall state on its face in clearly legible print, that it is unsecured if no mortgage, charge or security is vested in the holder of the debenture or in any other person for his benefit as security for payment of principal or interest. (3) Any director of a company who is involved in the issue of a debenture in violation of subsections(1) and (2) shall be guilty of an offence and be liable on conviction to a fine not exceeding Le3,000,000.00.